Where would YOU buy if your budget was: 300k, 400k, or 500k? (Naperville: buying a home, neighborhoods)

[father-of-4]

I'm interested to hear where people would purchase with limited budgets. Assume schools matter and commute downtown matters. (Both are pretty common and help provide some limits on the discussion.)

It seems that once you get a budget of $700k+ there are lots of choices - you could reasonably choose among many different towns and personal preference becomes more important. But with a lower budget, but there are harder constraints that limit choices.

I recognize there is no *right* answer, but there are some really knowledgeable people on this board - I think it would benefit many to hear where YOU would purchase with certain budget constraints and why. I think many people come this board looking for answers to this question (I have a budget: where should I buy). It would be interesting to see if suggestions remain the same as budget increases.

So...SFH (3bd/2bth), schools matter, commute downtown matters. Where would you purchase and why at:

• $300k
• $400k
• $500k

[nikitakolata]

My initial thought is with a budget of $300k I would look at Roselle. If my budget was $400k I would still look there, but probably also add in Downers Grove. If I had a budget of $500k I would be looking in Downers, Glen Ellyn and Elmhurst.

[JJski]

At 500 I would look for fixer in LGP - harding woods neighborhood still walkable to Downtown La Grange and train... this quadrant is an extension of LG, feels and looks the same with less taxes and same great schools.

if you can land something walkable near downtown elmhurst at 500 - i would snatch that up also...

Else at 300-400 Not much unless you go further out/away from a downtown core...

For us the walkability is key element we would not sacrifice. location, location, location....

[mwj119]

Most towns that I'm familiar with, less some in the North Shore/Hinsdale belt have entry homes in the $300s.

In the $400s, you're looking in the same towns, but typically you can find something partially updated with more amenities (garage, master bath). In the $500s, you can find a nice home in almost any community less the same ones mentioned above. You will sacrifice on lot, updates, and sq.ft., but there really aren't that many towns that do not have housing stock between $300-$400k. Last I looked, my neighborhood just south of downtown Glenview had plenty in that range. If not, unincorporated Glenview would be just fine. Park Ridge, same deal. Skokie, same deal. Mount Prospect for sure.

If you want a move-in ready home at a decent price with some land, in an area that carries a good reputation with good schools, parts of Barrington would be just fine too. Palatine, Arlington Heights, Hawthorn Woods, and Lake Zurich too. That entire belt should work, though the train ride is extensive.

[MSchemist80]

My realtor was heavily pushing Elk Grove, but it was 16 miles from work which I didn't want to commute. I bought a decent home for a little shy of $260k in Lombard 4.5 miles from work, 3bd1.5ba, 0.9 miles from the metra station.

Better budget for property taxes though. A $300k home can be from $6-11k per year.

[fusillirob1983]

Originally Posted by father-of-4

I'm interested to hear where people would purchase with limited budgets. Assume schools matter and commute downtown matters. (Both are pretty common and help provide some limits on the discussion.)

It seems that once you get a budget of $700k+ there are lots of choices - you could reasonably choose among many different towns and personal preference becomes more important. But with a lower budget, but there are harder constraints that limit choices.

I recognize there is no *right* answer, but there are some really knowledgeable people on this board - I think it would benefit many to hear where YOU would purchase with certain budget constraints and why. I think many people come this board looking for answers to this question (I have a budget: where should I buy). It would be interesting to see if suggestions remain the same as budget increases.

So...SFH (3bd/2bth), schools matter, commute downtown matters. Where would you purchase and why at:

• $300k
• $400k
• $500k

I'm working under the assume that those that can afford less house can also not afford to make as many expensive updates to a house, especially since you specifically mentioned "limited budgets".

$300k - Naperville, Mount Prospect, Norridge and Harwood Heights (HS Dist 207 feeder neighborhoods, if you can find anything), Tinley Park (west of Harlem).
$400k - Add Wheaton and LaGrange Park
$500k - Add Elmhurst, LaGrange and Park Ridge

[OKParker]

Berwyn/Forest Park towards the lower end of your budget
Oak Park towards the upper end of your budget (https://www.redfin.com/IL/Oak-Park/7.../home/13248692 or https://www.redfin.com/IL/Oak-Park/8.../home/13250724)

Forest Park (blue line) and Oak Park (green, blue lines, metra) have great transit options. Oak Park has some of the best schools based on greatschools ratings. And I mainly chose these three areas because they are a 20-30 minute CTA train ride away from downtown (16 minute metra) and because they have great walkable downtown areas.

One note - these are all inner-suburbs that feel less like a suburb than you may be used to.

[chet everett]

Originally Posted by mwj119

Most towns that I'm familiar with, less some in the North Shore/Hinsdale belt have entry homes in the $300s.

In the $400s, you're looking in the same towns, but typically you can find something partially updated with more amenities (garage, master bath). In the $500s, you can find a nice home in almost any community less the same ones mentioned above. You will sacrifice on lot, updates, and sq.ft., but there really aren't that many towns that do not have housing stock between $300-$400k. Last I looked, my neighborhood just south of downtown Glenview had plenty in that range. If not, unincorporated Glenview would be just fine. Park Ridge, same deal. Skokie, same deal. Mount Prospect for sure.

If you want a move-in ready home at a decent price with some land, in an area that carries a good reputation with good schools, parts of Barrington would be just fine too. Palatine, Arlington Heights, Hawthorn Woods, and Lake Zurich too. That entire belt should work, though the train ride is extensive.

About a week ago there was a comment from somebody who sold for a loss in Hinsdale for under $400k and while I would not advocate for buying a home that might have limited long term appeal the fact is if the goal is to get into a top tier school district it might make sense to consider homes that might be “the worst of the best” — so long as the OP is serious about prioritizing commute & school I have do doubt they can find 3br/2ba that will fit their budget in Hinsdale.

So long as the home is not on lot that literally fronts one of the main thoroughfares they’d likely have a “floor price” that will always keep the home on the radar for teardown builders...

Of course that might mean traditional fix-up targets, like updated kitchens or baths, could end up adding no appreciable value — that might be trade-off that means the OP & spouse has better be on the same page about living with outdated home. I’ve seen many a disagreement fester while a couple disagrees if their “charming old home” is going to ever be “fixed up”. Worst case somebody gets kicked out or heads to their parents / divorce court!

[ToriaT]

Anyway you slice it at any price point, I would look at the "greatest" western suburbs where you can't go wrong. I'm not as fond of the NW suburbs...most are not as nice and save for a few don't have a "town core" like the western suburbs do. I mostly discount the northern suburbs as too expensive....but there are some that can be mentioned if the need is to move there. So my picks are not in any order...Wheaton, Glen Ellyn, Downers Grove, Naperville, and Elmhurst. I have not included Hinsdale or some others as they are very expensive. For a closer in suburb, my pick is Riverside or La Grange. Oak Park is unique, you either want to live there or not...it should be on the list for consideration. For budget and closer in suburbs I'd pick Berwyn, Forest Park, or Elmwood Park, Brookfield too. Note that the flippers have been at work in Berwyn and you can get a "almost new" house there for around 400 k if you like to live in a more urbanized area and are willing to explore private schools.

Sometimes you can find all of the price points in a particular suburb. You can't really beat living in Wheaton.

Examples in Wheaton
$300- https://www.redfin.com/IL/Wheaton/32.../home/18125296
$400- https://www.redfin.com/IL/Wheaton/23.../home/18128370
$500- https://www.redfin.com/IL/Wheaton/25.../home/18117787

[ToriaT]

My point is you don't need to go to tier 2 suburbs...likely you can find a nice home at each of the price points in some of the top suburbs. You don't need to go to Berwyn, Forest Park, or Roselle. Now, there are some people that like those places....nothing wrong with them. Berwyn, Forest Park and Oak Park if you fancy yourself as a city type person who wants to be just minutes away from the buzz...

If you look at the right suburb you can find a move in ready nice home at all of those price points. There are many many more if you look at Redfin or any other site....Some of the places mentioned here are kind of meh...people assuming if your budget is 300-400 K you have to look at Elk Grove Village...not so. Nicer suburbs to be had....without plane noise.